Remittance limit for NRIs, PIOs hiked
By Our Banking Bureau | 22 Mar 2002
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Mumbai: Non-residence Indians (NRIs) and persons of Indian origin (PIOs) will now be able to remit up to $1,00,000 per calendar year out of assets in India, acquired through inheritances or legacies, without the approval from the Reserve Bank of India (RBI). Earlier this limit was $30,000.
An RBI press release said the move is aimed at liberalising the exchange-control regulations and providing additional facilities to NRIs and PIOs.
An RBI press release said the move is aimed at liberalising the exchange-control regulations and providing additional facilities to NRIs and PIOs.
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